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USD Spared Another Day of Losses Despite Further Curve Flattening

FOREX
  • Somewhat bucking the recent trend, the USD Index was spared further losses Tuesday as profit-taking and position squaring in the likes of EUR/USD and GBP/USD worked in favour of the index. This came despite persistent flattening the US yield curve, having taken the lead from a pullback in the US stock market.
  • Further support for the greenback came as the latest polling in Germany suggested Merkel's CDU/CSU bloc has fallen behind the Greens. The headline prompted some selling pressure in the single currency, pressuring EUR/USD to the day's lowest levels, although support at the 1.20 remained intact.
  • Lastly, commodity-tied currencies had the wind taken from their sails Tuesday, with a sharp drop in oil prices knocking both NOK and CAD into the close. The advancement of a bill in the Judiciary Committee that would open OPEC to lawsuit pressure from US lawmakers weighed on sentiment.
  • Focus Wednesday turns to Australian retail sales, UK inflation data for March, Canadian CPI and the Bank of Canada rate decision. There are a number of BoE speakers on tap, with BoE's Bailey and Ramsden due to speak.
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